Saving for the future has never been more important. Whether you're saving for a rainy day, building an emergency fund, for planning for your eventual retirement, you want to get an account with the best savings interest rate you can.
The Tangerine RSP Savings Account has an interest rate of 0.3%. You also have option of moving your money to other investment choices within the RSP whenever you like – and Tangerine has some excellent Tangerine GICs to take note of. All of this comes with no monthly fee attached.
Tangerine RSP Savings Account features
Let’s take a look at what this RSP account has to offer.
Why You Want It
Earn 0.3% interest on every dollar + Get flexible investment options within your account.
Special Features
- Automatic Savings Programs to help you save
- Excellent promo interest rate
Provinces
ALL
Interest Rates
Any balance
0.3%
Features
# Of Free Transactions
0
# Of Free Interac E-Transfers
N/A
Max Promotion Rate
4.5%
Welcome Bonus Value
N/A
Promo End Date
October 31, 2025
Tangerine RSP Savings Account rating: 4.2 stars
The Tangerine RSP Savings Account has a lot going for it. Free and unlimited money transfers between investments within the account make it easy to change up your investment plan, and Tangerine's automated savings program can help to simplify the process of building your retirement fund.
This account lost some points for having a relatively lacklustre standard savings interest rate. There are simply other savings accounts with higher interest rates available that will help you grow your savings more quickly.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of the Tangerine RSP Savings Account
This account’s welcome bonus and ease-of-use make it stand out from the crowd.
Pros
No monthly fee
Like many savings accounts, you’ll pay no monthly fee to keep your money in this account. And while it’s a fairly standard feature, it’s still a nice thing.
No minimum balance
You will earn the full interest rate on your retirement savings (whether it’s the initial bonus rate or the regular standard rate) on everything you have in this account, whether it’s $1 or $1,000,000 (or somewhere in between).
Excellent promotional interest rate
New account holders can enjoy a promo interest rate of 4.5% for the first five months. That's one of the highest rates we've seen among bank promotions in Canada, and five months is a nice long time to be earning that much interest.
Automated savings program
This is a simple feature that lets you decide how much you want to save every month, and it will automatically be moved into your account without you ever having to think about it again.
The cons of the Tangerine RSP Savings Account
While this RSP savings account only has 2 major drawbacks, unfortunately they’re a couple of doozies.
Cons
Lower than average standard interest rate
As you’ll see below, other banks have high interest savings accounts with higher interest rates, and sometimes they’re significantly higher. While 0.3% is a better rate than you’ll find at most of the major big banks, some online banking competitors simply give you a better rate that will help you grow your savings faster.
While transactions are free, you can’t just take money out of an RSP whenever you want
Canadian RSP accounts are significantly different than most savings accounts, in that once you deposit money into them, it’s very difficult to get back out. Once you have money in an RSP account, you’ll have to contact someone at Tangerine in order to withdraw it, as they will have to report that transaction to the government for taxation purposes. If you’re looking for a savings account that’s more flexible but still has some of the benefits of an RSP, you might want to look into a TFSA instead.
Tangerine RSP Savings Account alternatives
Let’s see what some of these alternatives have to offer.
 |  |  | |
|---|---|---|---|
| Account | Desjardins RRSP | TD RRSP | Scotiabank RRSP |
| Genius Rating | |||
| Why You Want It | Convert BONUSDOLLARS into RRSP investments + Get flexible options. | Wide selection of investment options + Enjoy tax-deferred growth. | Grow your money tax sheltered + Get plenty of investment flexibility. |
| GIC Rates | Cashable
Non-Cashable
| Cashable
Non-Cashable
| Cashable
Non-Cashable
|
| Self-directed RRSP Platform | Desjardins Online Brokerage | TD Direct Investing | Scotia iTrade |
| Self Directed Base Fee (Dollar) | $0 | $9.99 | $9.99 |
| Self Directed Base Fee (Percentage) | N/A | N/A | N/A |
| RRSP GICs List |
|
|
|
| Self-directed Available? |  | | |
Show More | |||
| Open an account See more Desjardins products Compare | Learn More See more TD products Compare | Learn More See more Scotiabank products Compare |
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FAQ
Does Tangerine have the best RSP savings account interest rate?
It does not. While 0.3% is pretty good compared to some accounts available at the big banks, there are other online banks with significantly higher rates.
Is there a minimum balance requirement for the Tangerine RSP Savings Account?
There’s no minimum balance requirement on the Tangerine RSP savings account, so you’ll earn interest on every dollar you have deposited (up to $1,000,000).
Are my contributions to a Tangerine RSP tax deductible?
They are, and your earnings in the account are tax free. You will have to pay taxes on anything you withdraw from the account, however, so keep that in mind. You can read more about withdrawing from RSPs here.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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